An inexperienced accountant prepared this condensed income statement for Sheffield Corp. a retail firm that has been in business for a number of years. Sheffield Corp. Income Statement For the Year Ended December 31, 2022 Revenues Net sales $ 1,122,000 Other revenues 29.040 1.151,040 Cost of goods sold 732,600 Gross profit 418,440 Operating expenses Selling expenses 143,880 Administrative expenses 135,960 279,840 279.840 Net earnings $ 138,600 As an experienced, knowledgeable accountant, you review the statement and determine that the following steps were taken by the accountant to compute the amounts presented in the income statement 1. 2. 3. Net sales, as presented, consist of sales $ 1,202,520, less freight-out on merchandise sold $ 43,560, and sales returns and allowances $ 36,960 Other revenues, as presented, consist of sales discounts $ 23,760 and rent revenue $ 5.280. Selling expenses, as presented, consist of salespersons' salaries $ 105,600; depreciation on equipment $ 13,200; advertising $ 17.160; and sales commissions $ 7.920. The commissions represent commissions paid. At December 31, $3,960 of commissions have been earned by salespersons but have not been paid. All compensation should be recorded as Salaries and Wages Expense Administrative expenses, as presented, consist of office salaries $ 62,040, dividends $ 23,760; utilities $ 15,840; interest expense $ 2,640; and rent expense $ 31,680, which includes prepayments totaling $ 7.920 for the first quarter of 2018. 4. Prepare a correct detailed multiple-step income statement. Assume a 25% tax rate. (List other revenues before other expenses. Round answers to decimal places, eg. 5,125.)